Amendment status not verified — confirm the current text below against the official source.
(1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to avail the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited to his electronic credit ledger. (2) The credit of input tax availed by a registered person under sub-section (1) in respect of such supplies of goods or services or both, the tax payable whereon has not been paid by the supplier, shall be reversed along with applicable interest, by the said person in such manner as may be prescribed: Provided that where the said supplier makes payment of the tax payable in respect of the aforesaid supplies, the said registered person may re-avail the amount of credit reversed by him in such manner as may be prescribed.”; (8) section 42 shall be omitted: (9) section 43 shall be omitted: (10) section 43A shall be omitted; (11) in section 47, in sub-section (1),— (a) the words “or inward” shall be omitted; (b) the words and figures “or section 38” shall be omitted; (c) after the words and figures “section 39 or section 45”, the words and figures “or section 52” shall be inserted; | acs Part II] THE KOLKATA GAZETTE, EXTRAORDINARY, JULY 28, 2023 The West Bengal Taxation Laws (Amendment) Act, 2022. (Section 4.) (12) in section 48, in sub-section (2), the words and figures “, the details of inward supplies under section 38” shall be omitted; (13) in section 49,— (a) (b) (c) in sub-section (2), the words, figures and letter “or section 43A” shall be omitted; in sub-section (4), after the words “subject to such conditions”, the words “and restrictions” shall be inserted; after sub-section (11), the following sub-section shall be inserted: — “(12) Notwithstanding anything contained in this Act, the Government may, on the recommendations of the Council, subject to such conditions and restrictions, specify such maximum proportion of output tax liability under this Act or under the Integrated Goods and Services Tax Act, 2017 which may be discharged through the electronic credit ledger by a registered person or a class of registered persons, as may be prescribed.”; (14) insection 50, for sub-section (3), the following sub-section shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2017:— “(3) Where the input tax credit has been wrongly availed and utilized, the registered person shall pay interest on such input tax credit wrongly availed and utilized, at such rate not exceeding twenty-four per cent. as may be notified by the Government, on the recommendations of the Council, and the interest shall be calculated, in such manner as may be prescribed.”; (15) in section 52, in sub-section (6), in the proviso, for the words “due date for furnishing of statement for the month of September”, the words “thirtieth day of November” shall be substituted; (16) in section 54,— (a) (b) (c) (d) in sub-section (1), in the proviso, for the words and figures “the return furnished under section 39 in such”, the words “such form and” shall be substituted; in sub-section (2), for the words “six months”, the words “two years” shall be substituted; in sub-section (10), the words, figure and brackets “under sub-section (3)” shall be omitted; in the Explanation, in clause (2), after sub-clause (b), the following . sub-clause shall be inserted:— “(ba) in case of zero-rated supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone unit where a refund of tax paid is available in respect of such supplies themselves, or as the case may be, the inputs or input services used in such supplies, the due date for furnishing of return under section 39 in respect of such supplies;”. THE KOLKATA GAZETTE, EXTRAORDINARY, JULY 28, 2023 [Part III Amendment of Notification issued under section 146 of West Bengal Goods and Services Tax Act, 2017, retrospectively. Amendment of Notification issued under sub- sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of West Bengal Goods and Services Tax Act, 2017, retrospectively. Retrospective exemption from, or levy or collection of, State tax in certain cases. Retrospective effect to notification issued under sub-section (2) of section 7 of West Bengal Goods and Services Tax Act,